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For more information contact:

Carleton Sales Team

574.243.6040 option #3

sales@carletoninc.com

 

 

DALLAS, TX, January 26, 2024—GDS Link, a global leader in credit risk decisioning solutions, today announced a strategic partnership with Carleton by integrating Carleton’s compliant financial calculations, CarletonCalcs®, and lending document generation software, CarletonDocs®, within GDS Link’s Credit Risk Decisioning solutions.

CarletonCalcs®, a suite of configurable payment calculation and compliance APIs, is designed to integrate seamlessly with lending and leasing applications, supporting product calculation requirements while adhering to compliance at lender, state, and federal levels. CarletonDocs® further enhances this integration by offering streamlined document processing, ensuring rapid and compliant document generation and delivery. This partnership significantly bolsters GDS Link’s capabilities in data aggregation and responsive decisioning, providing lenders with a robust solution in credit risk management.

The partnership between GDS Link and Carleton unites Carleton’s specialized APIs — OriginationPlus, Compliance, and Student Lending — with GDS Link’s Credit Risk Decisioning solutions. This partnership creates a robust, comprehensive lending platform. It enables precise, compliant payment calculations and enhances customer engagement through efficient loan origination processes. Incorporating advanced models, third-party data, and electronic documentation, this integrated solution streamlines underwriting and bolsters fraud prevention, delivering a seamless and responsive lending experience.

Click Here To Read Full Press Release

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For more information contact:

Carleton Sales Team

574.243.6040 option #3

sales@carletoninc.com

 

 

SOUTH BEND, IN, July 17, 2023 – Carleton announced the promotion of Tonya Hardisty on Monday, elevating her to be director of client success. Hardisty has been in a managerial role at the provider of compliant financial calculations and lending document generation software since 2005.

In this new role, Hardisty will lead the support team that oversees all of Carleton’s clients that utilize those calculation solutions and document services. From the client onboarding process to ongoing support, she will ensure that Carleton’s clients are getting the support that they expect.

As Director of Client Success, Hardisty will be responsible for developing and executing strategic initiatives to enhance the overall client experience. She will also collaborate closely with other departments to align client service initiatives with Carleton’s broader goals and objectives.

“Carleton’s commitment to providing unparalleled ongoing-support services to our clients has been a key differentiator and Tonya has been a major contributor to that success,” Carleton President and COO Matt Ruszkowski said in a news release. “With over 25 years of experience at Carleton, she has worked directly with our clients and understands their pain points. So, she knows what the necessary components are for a successful partnership.”

 

Click Here To Read Full Press Release

FOR IMMEDIATE RELEASE

For more information contact:
Carleton Sales Team
574.243.6040 option #3
sales@carletoninc.com

 

As reported in Carleton’s April 2023 Compliance Alert, Kentucky Chapter 123 (SB 165) became law without the Governor’s signature on March 29, 2023. Chapter 123 clarifies definitions that were previously ambiguous and provides a revised tiered rate structure for precomputed loans up to $15,000.

Provisions Impacting Computational Requirements:

Revised Rates and Tiers:

• While there is no prescribed requirement that loans be precomputed, the maximum thresholds will continue to be evaluated as precomputed loans.

Principal amount of the loan, excluding charges:	Rate:
Up to $5,000	3% per month on principal and charges
Greater than $5,000 up to $10,000	2.42% per month on principal and charges
>$10,000 up to $15,000	2.25% per month on principal and charges

• Each threshold and rate have been modified, with the third tier (>$10,000) being added as a new tier.

Clarified Definitions:

• Due to the language in the bill, Kentucky’s use of “original principal amount of the loan” appears to mimic the Amount Financed, as defined by the Truth in Lending Act. The threshold for determining which rates apply is based on this “principal amount of the loan” (or the TILA Amount Financed).
• In contrast to the threshold determination, the rate is applied on the “original principal amount of the loan” and “any charges, including fees, costs, expenses…”. Therefore, the rate is applied to what is commonly referred to in the industry as the true “principal” which includes fees and charges.
• The language allowing a loan processing fee (5% up to a maximum of $150) continues to use the base of the “original principal amount of the loan.” Based on the revisions to the language stated above, the base for this fee is now clarified to be a base of principal not including charges and fees.

Fees:

• The bill kept the loan processing fee intact, but modified the non-refundable portion from $50 to $75.
• The bill adds a new “funding fee” of $3 for loan funding that is in a manner other than by physical check.

Effective Date: June 28, 2023

Carleton has maintained regular communication with industry professionals and trade associations to ensure we are assisting our clients to implement these necessary updates. The information contained herein is for informational purposes only and shall not be construed as legal advice.

 

About Carleton, Inc.:

Carleton is the country’s leading provider of financial calculation software, loan origination compliance support, and document generation software. With over 50 years of experience, our ongoing expertise and industry knowledge reaffirms why we are a trusted partner.  Founded in conjunction with the Truth In Lending Act, Carleton provides expert compliance support with continuous accuracy in all our calculations and disclosures at a state and federal level. To learn more about Carleton’s lending solutions, contact our sales team at sales@carletoninc.com or 574-243-6040 option #3.

FOR IMMEDIATE RELEASE

For more information contact:
Carleton Sales Team
574.243.6040 option #3
sales@carletoninc.com

 

As reported in Carleton’s September 2022 Compliance Alert, California Assembly Bill 2311 was enacted by the Governor on September 13, 2022, with an effective date of January 1, 2023. This act created a number of new requirements related to the sale of Guaranteed Asset Protection (“GAP”) Waivers in conjunction with the purchase of a vehicle. Carleton has developed the capability to support the following California GAP requirements in our retail payment API for the following requirements:

1. Ensure the charge for a GAP Waiver does not exceed 4% of the California-defined Amount Financed
2. Ensure GAP is not allowed when California-defined Amount Financed is less than 70% of MSRP (as determined by a nationally recognized pricing guide)

 

Effective Date: January 1, 2023

Carleton has maintained regular communication with industry professionals and trade associations to ensure we are assisting our clients in implementing these necessary updates. Submit a “Contact Us” request today to schedule time to review how your implementation of the CarletonCalcs® API solution can be configured to align with your product-specific calculation needs related to these new requirements.

For existing partners that need or are interested in utilizing these calculations through CarletonCalcs®, please contact support@carletoninc.com.

 

About Carleton, Inc.:

Carleton is the country’s leading provider of financial calculation software, loan origination compliance support, and document generation software. Based in South Bend, Indiana, Carleton possesses over 50 years of leadership in this rapidly-changing regulatory industry. Carleton guarantees accuracy in all their calculations and disclosures enabling their partners to fulfill compliance requirements today and into the future. To learn more about Carleton’s lending solutions, contact our sales team at sales@carletoninc.com or 574-243-6040 option #3.

Irvine, CA, May 17, 2022 – California-based loan servicing software provider, Lendisoft announced today that it has integrated CarletonCalcs® APIs within its Lendisoft Servicing platform. Lendisoft is a preconfigured enterprise Loan Management System (LMS) with a full suite of risk management and compliance features. The included risk management features are designed to maximize collection efforts while ensuring payments are collected and reported in accordance with lender allocation requirements. This sophisticated compliance solution ensures Federal & State regulations, as well as Consumer Financial Protection Bureau mandates, are tracked and followed.

CarletonCalcs® is a suite of computation software APIs which enable software applications to calculate payments, fees, taxes, and nearly all calculations required for every subset of the consumer lending industry. Lendisoft Servicing leverages CarletonCalcs® Loan Servicing APIs, enhancing the compliance features built into Lendisoft’s platform. Lendisoft Servicing integrates specific CarletonCalcs® APIs which ensure proper interest accrual rules and allocations between principal interest, late charges, and non-sufficient funds fees. These rules, charges, and fees are accurately aligned with state regulations and institutional product requirements.

The CarletonCalcs® APIs support Lendisoft’s ability to tailor corresponding loan-servicing workflows and risk assessment tools for all their lenders, dealers, and financial service providers utilizing their platform. By partnering with Carleton, the leader in compliant financial calculations software, Lendisoft is well-positioned to expand and bring their LMS into any consumer lending market. This flexibility will ensure quick integrations and compliance as their clients grow, adapt, and add new or modified products to the market.

“CarletonCalcs® offers Lendisoft a proven workflow and process for our most sophisticated and progressive clients. Our choice was simple! Carleton leverages the Lendisoft API wizards to ensure integration is done right the first time and in the least time,” said Vijay Singh, Founder & CEO. “Carleton was the right choice from a ‘Go to Market’ perspective too. Their market share, compliance maturity, and platform reliability give Lendisoft client’s the security and comfort to focus on their business…lending money,” said Bill Gerber, CRO and Founder’s Circle member.

With Lendisoft Servicing, customers have a flexible and intuitive platform that allows clients to simplify and align compliance workflows to the needs of the specific lender, their products, and the borrower-risk profiles they target. Carleton and Lendisoft mutually embrace a compliance-first focus which provides great synergy between their comprehensive suite of products. This core feature is what makes the Lendisoft platform so valuable.

“Lendisoft LMS is driven by a team of executives who have the experience to understand the demand for compliance features expected in a modern LMS solution,” said Matt Ruszkowski, President and COO of Carleton. “Lendisoft Servicing was built to address the resource-intensive burden compliance practices require in the consumer lending industry. Lendisoft built a product focused on maximizing the efficiency of a quick API integration with the software tools to significantly reduce compliance burdens. Their CarletonCalcs® integration adds further assurance that the compliance tools in the Lendisoft Servicing LMS are delivered with the latest technology, are quick to implement, and are flexible enough to adapt to any regulatory requirement in the future,” continued Ruszkowski.

About Lendisoft, Inc.:

Lendisoft is the “new kid on the block”, disrupting the lending industry with its refreshing approach, pairing cloud-based SaaS technologies with risk management features and consulting. We provide an end-to-end lending platform, giving lenders the ability to manage risk effectively, maximize collections with compliance, and grow their business with confidence. Learn more about Lendisoft Servicing at Lendisoft.com.

About Carleton, Inc.:

Carleton is the country’s leading provider of financial calculation software, loan origination compliance support, and document generation software. Based in South Bend, Indiana, Carleton possesses over 50 years of leadership in the rapidly changing consumer credit industry. Carleton guarantees accuracy in all their calculations and disclosures enabling their partners to fulfill compliance requirements today and well into the future. To learn more about Carleton’s lending solutions, contact our sales team at sales@carletoninc.com or 574-243-6040 option #3.

FOR IMMEDIATE RELEASE

For more information contact:
Carleton Sales Team
574.243.6040 option #3
sales@carletoninc.com

 

On March 1, 2022, Governor Michelle Lujan Grisham signed House Bill 132 enacting a 36% TILA APR rate cap for small-dollar loans in New Mexico. This law goes into effect January 1, 2023, and amends the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959 to make them substantially similar for consumers. As the consumer-finance industry awaits to see if regulations are released for guidance implementing the law, Carleton has already begun calculation changes to help our clients and partners stay ahead of this challenge.

Significant Provisions Impacting Computational Requirements:

• Threshold: The new law regulates loans up to $10,000 (increased from the previous $5,000 cap).
• Rate: A maximum 36% TILA Annual Percentage Rate (“APR”) limit replaces the previous limit of 175% TILA APR.
  • The new law also contains a rate escalator if the prime rate of interest exceeds 10% for three consecutive months. The director of the financial institutions shall post notice within 10 days if the provisions regarding the prime rate of interest are ever triggered.
• Fees:
  • Fees included in the finance charge, and therefore subject to the 36% APR Cap, include:
    • Charges for ancillary products or services sold or any fee charges in connection or concurrent with the extension of credit; or
    • Any credit insurance premium or fee and any charge for single premium credit insurance or any other fee related to insurance.
    • *These fees above are specifically included in the New Mexico finance charge definition for purposes of calculating the APR, even if TILA Regulation Z would have excluded them.
  • Amounts paid to a public officially in relation with the extension of credit are specifically excluded from the finance charge.
  • For loans that are $500 or less, a new fee is allowed that may not exceed 5% of the total principal and may be imposed only once a year. This fee is excluded from the finance charge, and therefore the 36% APR Cap.
• Effective Date: January 1, 2023. The law also clarifies that the applicable rate cap is determined on the date when the loan was made (i.e., no look-back clause).
• Removed Provisions: The new law removed provisions previously included in both laws, including:
  • The 24-month maximum term;
  • Prohibitions on late fees, non-sufficient funds fees, origination fees, prepayment penalties, and charges for ancillary products.

Carleton has maintained regular communication with industry professionals and trade associations to ensure we are assisting our clients implement these necessary updates. The information contained herein is for informational purposes only and shall not be construed as legal advice. Submit a “Contact Us” request today.

 

About Carleton, Inc.:

Carleton is the country’s leading provider of financial calculation software, loan origination compliance support, and document generation software. Based in South Bend, Indiana, Carleton possesses over 50 years of leadership in this rapidly-changing regulatory industry. Carleton guarantees accuracy in all their calculations and disclosures enabling their partners to fulfill compliance requirements today and into the future. To learn more about Carleton’s lending solutions, contact our sales team at sales@carletoninc.com or 574-243-6040 option #3.

Jacksonville, FL, August 31, 2021: Jacksonville-based technology provider specializing in loan originations, LAUNCHER.SOLUTIONS (“Launcher”), announces the integration of their appTRAKER^SM Loan Origination System with CarletonCalcs® from Carleton, Inc. CarletonCalcs® is a suite of compliant loan calculation components that provides assurances to Launcher Solutions’ clients that their loan products are calculated accurately and in compliance with state and federal consumer lending laws.

Carleton, Inc., the U.S. leader in compliant lending calculation software, supports Launcher’s ability to generate contract-ready disclosures and compute the full array of finance options for both direct and indirect finance operations. Launcher’s appTRAKER^SM LOS supports all asset-type financing, ranging from mattresses to automobiles, as well as uncollateralized loans. The CarletonCalcs® Loan Origination, Compliance, and Amortization components help maximize workflow efficiency within Launcher’s products.

Launcher uses its extensive lending industry expertise to arrive with the best technology solution for their clients’ individual lending needs. The CarletonCalcs® Suite of compliant consumer lending APIs is a great example of an integrated solution which gives clients of LAUNCHER.SOLUTIONS the knowledge that their quotes, contracts, and underwriting are all accurate and compliant.

It is an increasingly challenging task to ensure that payments, fees, and ancillary products are all precisely computed and in alignment with state and federal regulations, the lender’s contract language, and the lender’s loan servicing system. The CarletonCalcs® solution combines cutting-edge, cloud-based APIs with critical expert support services to ensure that Launcher’s clients have the tools they need to maintain compliance requirements with their individual underwriting rules and frequently changing state and federal laws.

“After a longstanding relationship with Carleton, it was only natural to rely on their expertise as we continue to expand our relationships with credit unions, banks, finance companies and other direct lending operations,” said Nikh Nath, President of Launcher. “They have a history of excellence with their calculation engine and loan origination compliance expertise and their experience is immediately apparent when working through their seamless integration process. In the lending space, a customer relies on the credibility of the loan calculations and Carleton provides that validity.” Nikh continued on to say, “Integrating with our partners shouldn’t be difficult. We are able to quickly and easily adapt the Carleton integration to the customer’s use case, ensuring that compliant loan and payment disclosure data is returned wherever they need it in their workflow.”

Launcher’s core methodology is to provide access to technology tools that align their platform to each lender, rather than the other way around. Matt Ruszkowski, President and COO of Carleton said, “Launcher provides their clients the solutions needed to improve their efficiencies throughout the lending lifecycle as well as the flexibility to adapt quickly. It’s an approach that most digital platforms are striving for these days, and we believe their product capabilities put them ahead of the curve.”

 

About LAUNCHER.SOLUTIONS:

LAUNCHER.SOLUTIONS is a technology products and services company built on the foundation of care, understanding, innovation, and speed. It specializes in loan origination for subprime/nearprime automotive lending institutions, regional banks, and credit unions. Its product offerings include appTRAKER^SM LOS for indirect automotive lending as well as consumer direct lending and leasing, myDEALER.CARE dealer relationship management system, and myACCOUNT.CARE customer self-service and communication solution. LAUNCHER.SOLUTIONS has service offerings aimed at helping its clients with projects related to data analytics, data integration, telephony, and custom web development. Learn more at www.launcher.solutions or call 877.5LNCHER. Follow LAUNCHER.SOLUTIONS on LinkedIn.

 

About Carleton, Inc.:

Carleton is the country’s leading provider of financial calculation software, loan origination compliance support, and document generation software. Based in South Bend, Indiana, Carleton possesses over 50 years of leadership in this rapidly changing regulatory industry. Carleton guarantees accuracy in all their calculations and disclosures, enabling their partners to fulfill compliance requirements today and well into the future. To learn more about Carleton lending solutions, contact our sales team at sales@carletoninc.com or 574-243-6040 option #3.

Jeff Buysse, VP of Compliance Services, recently joined the Consumer Credit Insurance Association’s periodic podcast series to discuss the evolution of the consumer credit industry and how regulatory compliance and the creation of the CFPB have shifted the way lending operations must operate. The discussion details many intricacies that compliance professionals may never consider, how Carleton collaborates with clients, and the services Carleton provides to help their clients ensure their calculations are accurate, compliant, and in alignment with their specific consumer credit market. Listen to the full podcast here

About Inovatec:

At Inovatec, we’re obsessed with your success. Our mission is to deliver leading-edge products that create profitable outcomes for Lenders in the USA and Canada. Since 2011, we’ve been leading the way with technology designed to ensure our clients have the foresight and flexibility to compete and win in today’s evolving markets. Our success is a direct result of a diverse and passionate team who bring their best every day in offices in the USA, Canada and Europe. Learn more about JAVELIN at Inovatec.com.

About Carleton, Inc.:

Carleton is the country’s leading provider of financial calculation software, loan origination compliance support, and document generation software. Based in South Bend, Indiana, Carleton possesses over 50 years of leadership in this rapidly changing regulatory industry. Carleton guarantees accuracy in all their calculations and disclosures enabling their partners to fulfill compliance requirements today and well into the future. To learn more about Carleton’s lending solutions, contact our sales team at sales@carletoninc.com or 574-243-6040 option #3.

FOR IMMEDIATE RELEASE

For more information contact:
Carleton Sales Team
574.243.6040 option #3
sales@carletoninc.com

 

On March 23, 2021 Governor Pritzker signed Senate Bill 1792 which enacts The Predatory Loan Prevention Act. This law goes into effect immediately and will significantly impact the extension of credit in the state of Illinois. As the consumer-finance industry awaits to see if regulations are released for guidance implementing the law, Carleton has already begun calculation changes in order to help our clients and partners stay ahead of this compliance challenge. Here is what we know:

Significant Provisions Impacting Computational Requirements:

• Replaces existing maximum charge statutory requirements with:
  • A 36% Annual Percentage Rate limit
  • Aligns computational requirements with the MAPR for the Military Lending Act
  • The new 36% cap will extend to both Loans and Retail Installment Sales
• Exempt institutions:
  • Federally chartered banks
  • Savings banks
  • Savings and loan associations
  • Credit Unions
• The Act will be effective immediately upon signature by the Governor.

SB 1792 Aligns Compliance Requirements With the Military APR:

• The Military Loan Act defines “interest” for purposes of complying with the rate cap as including:
  • Application fees
  • Points, origination fees, participation fees—all fees in the TILA finance charge
  • Any fee, premium, or charge for credit insurance
  • Any debt protection charges/fees (cancellation and suspension)
  • Any credit-related ancillary product sold in conjunction with the transaction
• The controversy over the undefined term “credit-related ancillary product” will extend to this legislation unless subsequent rules and regulations provide specific clarity. To date, the Department of Defense has refused to define this term in relation to the MAPR calculation. Hopefully, new rules and regulations implementing SB 1792 will dive further into the granular details on calculating a MAPR in compliance with this new law.

Carleton has maintained regular communication with industry professionals and trade associations to ensure we are assisting our clients implement these necessary updates. Additionally, Carleton has extensive knowledge and experience with the Military Lending Act and the associated computational requirements. Submit a “Contact Us” request today.

 

About Carleton, Inc.:

Carleton is the country’s leading provider of financial calculation software, loan origination compliance support, and document generation software. Based in South Bend, Indiana, Carleton possesses over 50 years of leadership in this rapidly-changing regulatory industry. Carleton guarantees accuracy in all their calculations and disclosures enabling their partners to fulfill compliance requirements today and into the future. To learn more about Carleton’s lending solutions, contact our sales team at sales@carletoninc.com or 574-243-6040 option #3.